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Canada Education Savings Grant (CESG)

Canada Education Savings Grant (CESG)

Overview

Canadian families can qualify to receive 20% of the first $2,500 contributed into RESPs for each child each year up to and including the calendar year in which he or she turns 17. The maximum contribution from CESG $7,200 per child. This means that for every $10 you save in your child’s RESP, the Government will add $2 up to a maximum of $7,200. Additional Canada Education Savings Grants are available for another 10% - 20% plus the basic 20% Canada Education Savings Grant.

In addition to the basic Canada education saving grant, if your net family income is $44,701* or less you will receive 20% additional grant contribution on the first $500 you save in your child’s RESP. This means that for every $10 you save in your child’s RESP, the Government will add an extra $2.

If your net family income is between $44,701 - $89,401* you will receive an additional 10% on the first $500 you save in your child’s RESP each year. This means that for every $10 you save in your child’s RESP, the Government will add an extra $1.

“ With the CESG, eligible children may qualify for up to $7,200.”

Eligibility

To qualify for participation in the CESG, you must fill out a CESG application form.

Your child must be a resident of Canada, age 17 or younger, and possess a social insurance number (SIN).

  • a minimum contribution of $2,000 is made by December 31st of the year the child turns 15
  • a minimum of $100 is contributed during any four years prior to December 31st of the year the child turns 15.
  • You can catch up on missed contributions from previous years.

    *amount to qualify indexed yearly (2015 values).